How often do you measure your retail sales? Do you have a way of seeing your critical numbers?
If not then keep reading as we show you how to set up a basic scorecard that will allow you to monitor your success, week on week.
How Often Should You Look At Your Numbers?
This is a question we get asked a lot. And the answer will come down to what’s happening in your business right now.
Are you running a critical promotion like a Black Friday campaign or are you in cruise control at the moment? You may want to consider daily reviews or maybe even hourly reviews if you in the midst of a critical campaign.
But then you can relax a bit when in cruise control.
We find a week is a great balance of time and results. You can take action for a few days then look at the impact that has had on your business os you know what to focus on next week.
What Should I Measure?
When it comes to choosing what to measure, it’s good to think about all the parts of your business and what things affect it.
For example, as an e-commerce store, you are trying to get more visitors to buy more products, more often right? Well from this you could measure store visitors, new orders and repeat sales this week.
In fact, these are the types of lag indicators we follow on a daily basis to keep us motivated to get results.
Here are some more key metrics you can consider:
- Articles published and syndicated
- Facebook posts boosted
- New leads added to the marketing database
- Number of Customer service enquiries
- Average order value
- Conversion rate
Include both lead and lag metrics so you can easily stay in touch with what is happening with your business.
Lead metrics are the things you have control over and are generally the instant result of you taking an action. An example of this would be a number of articles posted to Facebook. You are in control of this number.
Lag metrics are what happened when you take action. An example here might be Number of visitors to your store or number of sign-ups to opt in. These metrics you have no direct control over but are important to see if your efforts are paying off.
How to get started
If you haven’t already noticed, one of the values we hold tightly here at Shiny Button is simplicity and ease of implementation. And it’s no different when it comes to measuring your success.
Start by creating a template for a weekly dashboard that contains your critical numbers. We like to use Google Sheets for this because we can share the data. We create a template sheet then once a week we go in, gather the stats and update.
Here’s a screenshot of our template:
On a daily basis, we check Analytics for visitors and number of opt-ins (it can come from Drip too). Then we check SamCart (our cart software) to get the number of sales.
As an eCommerce store, you can grab sales data straight from Shopify.
We also have a catch up every Friday where we have a quick look at the dashboard and decide if we are heading in the right direction.
You should start out doing this yourself. Add a calendar reminder to update your dashboard every day in the morning and then share this with your team to discuss. Set another meeting reminder to do this with your entire team.
As things develop you can transfer this task to another team member very easily.
By tracking these numbers on a daily & weekly basis, you can get a better feel for how well the business is doing and if you need to make any changes.
Without the numbers, you will be guessing, and this just causes friction in your day to day activities.
Get started now, choose some metrics and set up a spreadsheet to track your critical numbers week on week.
In fact, to get you started you can click here to grab a copy of our template. It will open in Google Sheets as read-only so you just need to click on Create a copy in the file menu. Then just copy the Template sheet and start filling in.